Research reveals trends around cryptocurrency adoption
Skrill, the global payment service specialist, recently conducted a survey of consumers in Europe and North America to uncover some eye-opening statistics concerning the surging acceptance of cryptocurrency across populations.
As Google Trends indicates, searches for Bitcoin globally are back on the climb. While search volumes haven’t yet attained the levels seen back in 2018, it is a testament to the growing global discourse on digital assets.
In partnership with Sapio Research, Skrill, the digital wallet of payment solutions provider Paysafe, conducted a survey of consumers across European and North American nations from March to April 2021. The online survey consisted of 8,111 consumers across the US, UK, Germany, Canada, Italy, Bulgaria, and Austria. Participants, represented by age and gender, received an email invitation to participate in the survey.
The survey results highlighted several unique facts and figures about the rising popularity and acceptance of cryptocurrencies. Of the total consumers surveyed, the report points out that Bulgaria and the US have the highest percentage of Bitcoin owners, contributing 36% and 24% each, followed closely by 20% of consumers from Canada and the remaining European nations. Other than Bitcoin, ownership of other cryptocurrencies is also peaking. Of the total respondents, 9% own Bitcoin Cash, 8% own Ethereum, and 7% own Litecoin.
While almost everyone knows about Bitcoin, the report showcases more intricate details about consumer’s general understanding and knowledge of cryptocurrencies. The survey discovered that 31% know about Bitcoin Cash, 22% about Ethereum, 19% about Litecoin, and only 10% were familiar with Dash, Stellar, and Ethereum Classic.
However, when it comes to utilizing cryptocurrency as a financial asset, the report shows that 47% don’t have enough knowledge surrounding its use as an investment, 38% consider crypto investments to be a risky affair, and 28% believe that investing in crypto is a great way to secure their future.
More than 29% of participants reported that they had learned more about cryptocurrency this year, while 26% agreed that they will most likely invest in crypto now compared to a year ago. This trend underlines the fact that the consumer’s general understanding of cryptocurrency has increased. However, survey participants had vastly different opinions about what makes crypto useful.
While 27% considered it the future of payments, 26% believe it is the future of banking, and 26% say it is a good store of value. That said, only 17% of the participants said that they use crypto for other things and not just as an investment. The report also clarifies that 43% of the participants currently use digital wallets, and 23% think that paying for goods and services using cryptocurrency will soon become mainstream.
Finally, the report highlights the surging acceptance of digital currencies in regular use. Almost 9% of the participants said that they had used crypto to pay for services this year.
Out of this figure, 97% of participants tried paying with crypto for the first time in 2020. 59% of users who hadn’t used crypto to pay for services before said they’ll be using it more frequently this year, with 44% claiming that it is now their most preferred way to pay for goods and services.